Deal Closing Announcement: Silicon Valley Industrial Asset Sold for $5,300,000
Updated: Dec 11, 2019
It was a pleasure to have represented an active client in the acquisition of a multi-tenant industrial building located in San Jose, CA. The property is approximately 25,344 sq. ft. and sits on 1.48 acres of land. The site benefits from excellent exposure along Tully Road, which boasts over 50k vehicles per day. The rent roll includes all month-to-month tenants with below market leases. The in-place cap rate was 5.73% at closing and the Year 1 pro-forma cap rate is well above 7.5%. Putting this deal together involved a competitive environment but my buyer and I put together the strongest offer and we were able to close within 25 days. This was the third acquisition that I was able to put together for this particular client and I am looking forward to many others in the future.